DOGE Price Analysis: DOGE Breaks Out Of Bull Flag As Alt-coins Continue Rallying

Published May 16, 2021 | Updated May 16, 2021

dogecoin

DOGE Price Analysis: DOGE Breaks Out Of Bull Flag As Alt-coins Continue Rallying

DOGE coin has been through a wild ride in 2021. Elon Musk has been the biggest influence of the price of Doge as his words have both helped and hurt the Doge. Doge had recently experienced a 50% correction but bulls quickly bought up DOGE as it bounced off its ascending channel it has followed for a month. 

Major support range for DOGE comes in at $0.44-$0.48. If the price of DOGE can hold this support, it is considered bullish for another leg up. To confirm a bullish upswing, DOGE must break and hold $0.56. Confirming a potential bullish leg, the price of DOGE recently broke out of a bullish flag and confirmed it. 

DOGE Price Analysis: DOGE/USDT 1 Day Chart

If DOGE fails to hold major support range, a fall to $0.40 is expected. Near this area lies the 30 MA which has held as support last week when Doge coin fell to $0.36. In addition, the bottom trend of its ascending channel is around the same area. This zone is a massive support for DOGE and can be relied upon if a bearish leg prints. 

The Stochastic RSI has recently corrected to oversold levels. At the time of writing, the strength has revived over the 30 level and must hold for DOGE to continue rising. The MACD has been sideways for a few days which can tell a bigger move is coming. The MACD histogram has been ticking up and is looking for a green bullish tick for the first time in a week. 

DOGE intraday levels 

  • Spot rate: $0.537
  • Trend: Neutral 
  • Volatility: High
  • Support: $0.489
  • Resistance: $0.561
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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019. He started his investment and trading career early trading in 2017 when he bought a newly released cryptocurrency alt-coin and saw 10x return in a few months. He then realized there was much potential and dove head first into learning everything he could. He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.
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